9 min read
This study guide covers international trade and public policy, focusing on quotas and tariffs. It explains how these policies impact markets, including effects on prices, quantities, consumer surplus, producer surplus, deadweight loss, and government revenue. The guide uses graphs to illustrate these concepts and provides practice questions, including multiple-choice and free-response questions, to test understanding.
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Question 1 of 9
International trade 🌍 primarily leads to which of the following?
Reduced variety of goods for consumers
Higher prices due to decreased competition
Expanded markets for businesses and increased variety of goods
Decreased competition and reduced market size